I got this phone call yesterday, from a small contractor in Virginia, and it was genuinely sobering. I think it puts into perspective the problem I have tried to bring attention to, about how, for small construction businesses across America, Workers Compensation insurance audits can be much bigger source of stress than they should be.
This gentleman gave me a little background information. He said he is a combat veteran and also a former FBI agent. And after taking medical retirement, he decided to start a small construction business. And it has suited him, he said.
But the other thing he said was that his upcoming Workers Compensation insurance audit was keeping him up at night.
"There's so much that wasn't explained to me," he told me. And that is a common complaint I hear.
He was sold a Minimum Premium Assigned Risk policy for a low premium. And it's only now he's learning about all the various aspects of these premium audits that may potentially turn this minor expense into a business-ending financial land mine.
I spent some time explaining all the stuff that should have been explained when he first bought that policy. I thanked him for his service, too, by the way.
And I thought about how wrong it felt that a guy who had seen combat in service to his country, and then further served us all in the FBI, now told me that he was stressing over this insurance thing more than he had ever stressed over his past perilous service.
That's not right.
Anyhow, I'm going to help him make sure his audit is done properly and that he has together all the paperwork and documentation he'll need to at least avoid the common kinds of overcharges that can occur with these audits. And I'll also help him dispute any overcharges that do get through the audit process, in spite of our efforts.
He was genuinely grateful to hear all that. I hope it helps him sleep a little better. And I hope we can help him keep the audit bill from being his worst nightmare.
We shall see.
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